90 seconds at 9 am: US economic outlook worsens; Landcorp's Crafar bid; China's Chelsea sugar bid

Bernard Hickey details the key news over the weekend in 90 seconds at 9 am with BNZ, including news the world's largest economy lost a net 125,000 jobs in June after 225,000 government census jobs ended and the private sector created only 83,000 jobs, much less than expected.

There are now fears about a double dip recession in the US economy.

This drove the oil price down and the Dow fell another 0.5%. The New Zealand dollar wobbled between 68 USc and 69.5 USc.

Meanwhile, the NZHerald reports Landcorp's board will decide today on whether to bid for the 16 farms in the Crafar Farms group that are being sold by receivers.

Landcorp is up against May Wang and her UBNZ bid, which is stalled in front of the Overseas Investment Office. Landcorp told Interest.co.nz on June 24 any bid would be less than Wang's bid and be for commercial reasons.

John Key broke his silence on the May Wang bid for Crafar Farms before leaving to visit Korea and China.

He said he would be uncomfortable if large tracts of New Zealand land were sold into foreign ownership, Stuff reported.

In comments to The Dominion Post before his departure on a 10-day trip to Asia today, Mr Key said he "wouldn't want to see a wholesale sale of New Zealand's land productive sector".

Asked about opposition to the Crafar farms deal, he said there was public resistance to foreign investment in New Zealand's primary export base.

"And that is probably less related to the country involved – in this case China – and more around the fact that there is a genuine concern that we shouldn't sell out the golden goose."

Meanwhile, The Australian reports that China's Bright Food's Group has bid A$1.65 billion cash for CSR Sugar, which owns the Chelsea Sugar Refinery at Birkenhead in Auckland. It produces 80% of New Zealand's sugar.